Pioneer Cos. shares rise on completed land sale

GabrielMadway

SAN FRANCISCO (MarketWatch) -- Pioneer Cos.
ponr
shares rose 4.4% to $25.59 in Monday afternoon trade after the Houston-based chemical company said late Friday its Pioneer Americas LLC unit has completed the sale of 60 acres on land in Henderson, Nevada, realizing net proceeds of $22.5 million. Pioneer expects to use the proceeds to redeem a portion of its outstanding senior notes in early 2007. The company said as of the end of the third quarter, it has $95 million of cash and roughly $103 million of debt.

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